Bitcoin Forecast — August 10th 2018

Bitcoin/USD — As you can see, bitcoin did rally slightly, around 3% during the day on Thursday, but we are bouncing from the low level again. So, it is really nothing to get overly excited about. The long-term downtrend line is still very much in effect. That tells us the story that we are grinding towards the 6,000 level. I do think that we sell through that and head for 5,000. Rallies at this point are to be sold. The 7,000 is where we expect a lot of supply. If we can break above the trendline, then we can talk about buying. Truthfully, there is one thing that matters in the market, that is price. We are banging on the door at much lower prices. This chart looks horrible. Nothing has changed and as you can see we need to clear this trendline to make an argument for the bullish sentiment.